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Young people struggle to enter a new capitalist economy characterized by job instability and devalued wages and labor. The COVID‐19 pandemic exacerbated this instability, since employment sectors hit hardest by the economic recession affected jobs where young people worked. We study racially marginalized young people's labor market experiences in the United States through in‐depth interviews with seven participants conducted between 2019 and 2022, before and during the pandemic. Through coding and analysis, we develop themes of surviving, navigating the labor market, and glimpsing cracks in the capitalist wall. Interviews illustrate how racial capitalism pulls the rug out from under young people while offering illusions of stability through cobbled‐together work, benefits, and housing. Young people describe tuning themselves to become better capitalists and shifting their mindset to survive. Even so, young people recognize the pandemic created opportunities to question the status quo and reevaluate their engagements within the current capitalist economy. [ABSTRACT FROM AUTHOR]

To understand the pathway for achieving financial well-being in the present era of digital financial services, the present study aims to examine the role of financial capabilities and resilience in the association between digital financial literacy and perceived financial wellbeing. We used judgment sampling to collect data from 201 adolescents and young adults aged 15 to 34 years (n=187, 93%) in India who are experienced users of digital financial services. Structural equation modelling (PLS-SEM) is used to test the hypotheses. Findings reveal that financial capability and financial resilience completely and serially mediate the association between digital financial literacy and perceived financial well-being. The results imply that building financial capability and resilience against unexpected financial shocks can develop a sense of financial security and freedom that eventually contributes to financial well-being. Thus, this study provides a roadmap to achieving perceived financial well-being in the digital realm by integrating and synergizing digital financial literacy with financial capability and financial resilience. [ABSTRACT FROM AUTHOR]

This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization. [ABSTRACT FROM AUTHOR]

This paper summarizes qualitative data from a field experiment exploring a coaching intervention in a low-income, minority community. The program aimed to develop clients' financial capability focusing on client driven goals. As part of the program, coaches reported client's financial goals, outcomes, and coaching challenges. The qualitative analysis suggests most participants had a goal of saving money, reported saving difficulties, but ultimately were able to save during the program. These findings support financial coaching as an intervention for building financial capability and show how a program to train college students in personal finance, coaching, and intercultural skills can effectively support low-income families.

The growth of small and medium enterprises (SMEs) shows a positive trend and has even become a major highlight in the national economic landscape. Moreover, most of these businesses are owned by women. Examining how digital capability and financial literacy and a dynamic environment affect the success of female-owned small and medium-sized enterprises in Indonesia is the main goal of this study. Financial and digital capability are examined as mediators between performance and these factors. The study used a causal explanatory research approach. The data in this study were collected through questionnaires. This research surveyed 100 female-owned small and medium-sized enterprises in Indonesia’s food and beverage, herbal and pharmaceutical, fashion, and craft industries. Partial Least Square (PLS) analysis was utilized in this work as an analytical tool. The study reveals that financial literacy significantly enhances SMEs` performance by improving resource management. However, a dynamic environment alone does not impact performance unless supported by other competencies. Financial competence does not strengthen the effect of financial literacy, indicating it may not be sufficient for success. Conversely, digital competence is crucial, mediating the relationship between a dynamic environment and SMEs` performance. Therefore, SMEs with strong digital skills are better positioned to adapt and thrive, making digital competence key to sustained business success.

Financial digitization is an irreversible phenomenon. The objective of this study is to construct the Digital Financial Capability Scale (DFCS). Starting with the development of a definition, we created a multidimensional scale composed of digital financial knowledge, digital financial behavior, and digital financial confidence. The validation process involved a qualitative stage, consisting of focus groups, expert validation, and pre-testing, and a quantitative stage, with exploratory and confirmatory factor analyses and structural equation modeling. The DFCS assesses an individual's perception of their ability to apply financial knowledge, adopt appropriate financial behaviors, and feel confident in making financial decisions in a digital environment. The final version of the DFCS consists of a set of 33 items divided into the three dimensions. The scale can be very useful for researchers who wish to study financial capability in the digital environment, for financial agents to evaluate clients, and for assessing the outcomes of public policies aimed at enhancing the financial capability of the population. [ABSTRACT FROM AUTHOR]

Widespread socio-economic challenges such as high levels of poverty and unemployment continue to plague South Africa. Owing to the nature of social work service delivery, social workers often serve the most vulnerable populations. However, it seems that social workers remain metaphorically in the trenches in the war on poverty, meaning that tangible evidence on the progress of poverty alleviation due to the direct involvement of social workers is meagre in social development. This article argues for the integration of a financial social work practice perspective into South African social work service delivery as a potential means of facilitating more efficient social development. The article is conceptual in nature and draws on the principles of theoretical adaptation. It posits social developmental theory as the dominant theoretical paradigm, and financial social work as the practice perspective. Analysis will highlight the current gaps in social developmental practice, and the appropriateness of financial social work to address it. The discussion aims to activate scholarly discourse on financial social work in South Africa and beyond, and to firmly position this practice perspective within sustainable social development. [ABSTRACT FROM AUTHOR]

Previous research that considered African Americans as a homogenous group has determined that they are reluctant to invest in equities and corporate debt bonds, resulting in lost opportunities to build wealth. This study explored financial literacy, age and generational cohort identity, and socioeconomic factors as possible limitations to African Americans' engagement in financial markets to build wealth. Financial risk tolerance is usually measured using three basic approaches: (a) assessing investment portfolio assets; (b) assessing responses to subjective questions; and (c) assessing responses to hypothetical questions with specific scenarios. The third approach was utilized in this study by conducting a multidimensional risk analysis with a 13-item assessment that addressed the constructs of investment risk, risk comfort and experience, and speculative risk. African Americans appear to be no different from any other group of Americans when provided with education to improve their financial literacy and financial risk tolerance levels, which are critical for reaching long-term wealth goals. [ABSTRACT FROM AUTHOR]

Improving the financial well-being of people with disabilities is a pressing concern, given the documented lower levels of financial well-being among this population compared to the general population. Limited research, however, offers effective strategies for improving their financial well-being. This study investigates how financial knowledge and family financial socialization can be combined to enhance the financial well-being of people with disabilities. Using data from the 2016 National Financial Well-Being Survey, we employ multivariate analyses and propensity score matching techniques to test the robustness of our results and ensure our population comprised a nationally representative sample of people with disabilities. Our findings show that people with disabilities experience lower levels of financial well-being compared to those without disabilities. Furthermore, we find that self-assessed financial knowledge and financial socialization within the family context are positively associated with the financial well-being of people with disabilities. These findings have important implications for researchers and financial service professionals who work with people with disabilities. This study emphasizes the importance of tailoring financial education to the specific needs of people with disabilities and prioritizing financial education and financial socialization within the family context as critical mechanisms for enhancing their financial well-being. [ABSTRACT FROM AUTHOR]

Regional loans provide consequences for regions to make payments on the loan at the specified time. This article aims to find out how Bone Regency's financial capacity is to pay off PEN loans over the next eight years, analyzed using Debt Service Coverage Ratio (DSCR) by Mahmudi. DSCR consists of eight indicators, namely Regional Original Income, General Allocation Funds, Profit Sharing Funds, Reforestation Fund Profit Sharing Funds, Mandatory Expenditures, Loan Principal Installments, Loan Interest and Other Loan Costs. This article uses a qualitative approach using quantitative data. Data collection techniques include Semi-Structured Interviews, Passive Participant Observation and Documentation. The research results show that Bone Regency has the ability to repay PEN loans in the next 8 years and meets the minimum DSCR score criteria of 2.5 points. There are no obstacles in repaying PEN loans, but regional finances in 2024 are predicted to be burdened due to the implementation of regional elections. Efforts made to overcome obstacles to repaying PEN loans are by producing good financial reports. Also to anticipate a budget deficit that may occur in 2024, by budgeting a reserve fund that starts in 2022 and can be disbursed in 2024.

This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization.

The purpose of this study was to describe the relationships between financial literacy and financial capability rates of 18-24-year-olds and formal financial education in public K-12 schools. Though much has been studied about financial education, financial literacy, and financial capability, there are few clear answers about the relationships among the three. This study unpacked associations and relationships between financial education in public K-12 schools and young adults’ financial literacy and financial capability. Using extant data from national surveys about financial literacy and financial capability in 2015 and 2018, this study determined there was rarely a significant difference in young adults’ financial literacy and financial capability as related to the level of financial education they received in high school. Such information is important because it can reveal the differences in outcomes of various levels of formal financial education; this information can be used to shape policies and implementation that will provide the greatest positive impact for individuals and, in turn, the nation.

Purpose – This study aims to describe the effect of diversity of knowledge and financial capabilities on accountability for behavior control and improvement of financial performance. Design/methodology/approach – The population in this study were all branches of the Baitul Maal Wat Tamwil Sharia Savings and Loans Cooperative (KSPPS BMT) in Central Java. The sample used purposive sampling to obtain 146 respondents. Data were analyzed using the Structural Equation Modeling (SEM) analysis technique with the application of Analysis Moment of Structural (AMOS 24). Findings – The results of the study explain the increase in financial performance based on Behavioral Accounting Theory and Human Resource Management Theory. The behavior control accountability model shows that perceived interest and intention in self-confidence to control accountability behavior as indicated by behavioral intention, perceived behavioral control, process and financial accountability can affect financial performance Research limitations/implications – Where the factors of diversity of knowledge and financial capability in shaping accountability for behavior control and impact on financial performance will offer a deeper understanding of the supporting factors for accountability for behavior control and also have an impact on efforts to improve financial performance. Practical implications – A better understanding of the factors influencing improvement efforts should assist accountants in information processing, quality of judgments, accounting problems that arise with accounting users and preparers, and the use of information in accounting decision making. Originality/value – Using and explaining about improving financial performance based on Behavioral Accounting Theory and Human Resource Management Theory. The behavior control accountability model shows that perceived interest and intention in self-confidence to control accountability behavior as indicated by behavioral intention, perceived behavioral control, process and financial accountability can affect financial performance

The capability of individuals to manage their finances is essential to the outcomes of their entrepreneurial activities. Using panel data from the China Household Finance Survey (C.H.F.S.) in 2013, 2015 and 2017, this article examines how financial capability affects entrepreneurial performance in rural China. The results demonstrate that financial capability is positively correlated with the scale, profitability and sustainability of entrepreneurship, which is robust in consideration of endogeneity. The effects of financial capability are heterogeneous for different entrepreneurs. Furthermore, technology, labour and land act as the mediating variables through which financial capability improves entrepreneurial performance. Therefore, to facilitate entrepreneurial success, it is important to provide entrepreneurs with financial education. Meanwhile, improvements to the financial environment should also be considered. Additionally, financial institutions should combine financial services with factors, such as technology, land and labour, to improve entrepreneurial performance. [ABSTRACT FROM AUTHOR]

The purpose of this study was to describe the relationships between financial literacy and financial capability rates of 18-24-year-olds and formal financial education in public K-12 schools. Though much has been studied about financial education, financial literacy, and financial capability, there are few clear answers about the relationships among the three. This study unpacked associations and relationships between financial education in public K-12 schools and young adults' financial literacy and financial capability. Using extant data from national surveys about financial literacy and financial capability in 2015 and 2018, this study determined there was rarely a significant difference in young adults' financial literacy and financial capability as related to the level of financial education they received in high school. Such information is important because it can reveal the differences in outcomes of various levels of formal financial education; this information can be used to shape policies and implementation that will provide the greatest positive impact for individuals and, in turn, the nation. [ABSTRACT FROM AUTHOR]

A significant role is played by Small and Medium Enterprises in creating employment worldwide. Nevertheless, the sector has failed to achieve the desired level of growth despite its unexpected success as a result of significant issues dealt in each individual nation. The main limiting factor for the reduction in growth of Small and Medium Entrepreneurs is the level of financial stress encountered because of financial incapability and rising commitments. Hence the question surfaces on the impact of financial capability on financial stress of Small and Medium Entrepreneurs in Sri Lanka. The present research is primarily focused on measuring financial capability based on a variety of variables ranging from financial resources, financial self-efficacy and financial management competency. Small and Medium Entrepreneurs residing in three districts of the Western Province namely Colombo, Kalutara and Gampaha were chosen to collect the primary data by a questionnaire distributed and the required number of 250 respondents for the sample study were singled out by the stratified proportional random sampling method. Subsequently the data was analyzed using the IBM SPSS- 23 and AMOS. According to the study results, Small and Medium Entrepreneurs residing in Sri Lanka possess higher levels of financial capability and lower degree of financial stress. Further, the Small and Medium Entrepreneurs in Sri Lanka demonstrated a significant level of financial management competency, financial self-efficacy and a moderate number of financial resources. In conclusion the researcher concludes that financial capability has a direct moderate level significant negative impact on financial stress. Finally, study recommends SME should develop their financial skills and capabilities to overcome the financial stress.

In the aftermath of the 2007–08 financial crisis, the worsening financial conditions of households increased concerns about their financial vulnerability (FV). In this context, policymakers embraced the notion of financial knowledge to foster sound financial behaviors among individuals and households, aiming to mitigate the detrimental effects of FV on households' financial wellbeing and the overall economy. However, the relationship between FV and financial literacy remains inconclusive. This lack of definitive findings may stem from limitations in measuring FV and narrow focus on specific dimensions of financial literacy. This paper analyzes the relationship between financial literacy and FV by creating a comprehensive measure of (the level of) FV and considering different dimensions of financial literacy. Using a sample of 8,554 individuals in Spain obtained from the 2016–17 Survey of Financial Competences, we construct a continuous measure of FV by using Nonlinear Principal Components Analysis (NLPCA). Then, we employ OLS and ordered probit regressions to examine the potential association between different dimensions of financial literacy and FV. The findings indicate that the level of FV is negatively related to self-perceived financial knowledge, while no statistically significant relationship is found regarding objective financial knowledge. Evidence also reveals that "highly financially included" individuals are more likely to exhibit financial resilience. These findings highlight the need for the development of financial education initiatives that are action-oriented. [ABSTRACT FROM AUTHOR]

This study examines how racial/ethnic discrimination influences financial access and material hardship, using survey data collected from self‐identified Korean immigrants living in two counties in Alabama (N = 241). Key variables are experiencing racial/ethnic discrimination, two subjective measures of financial access, and four indicators of material hardship (overall, food‐related, health insurance, and medical care). Descriptive analyses show a high rate of experiencing racial/ethnic discrimination, limited access to basic financial services and credit, and considerable rates of material hardship. Regression analyses indicate that experiencing discrimination has a significant association with access to credit but not with access to basic financial services. Access to credit has a significant and negative association with all types of material hardship. Our findings challenge the model minority myth of socially and economically integrated Asian/Korean immigrants. Results call for anti‐discrimination policies and public efforts to expand financial access and reduce material hardship among Korean immigrants. [ABSTRACT FROM AUTHOR]

Background and Objectives Financial capability, comprising financial literacy, access, and behavior, can influence an individual's ability to effectively use financial resources, thus affecting their health and well-being. However, studies have predominantly focused on financial literacy and overlooked a more comprehensive measure of financial capability and its health impacts. Furthermore, although financial capability is shaped profoundly by gender, there is limited knowledge of the role of gender in these associations. Research Design and Methods This study investigated how gender may moderate the links between financial capability and health. The study recruited 1,109 community-dwelling adults (aged 45+) in Hong Kong to take part in an online survey employing multivariate linear and logistic regression to examine the gender differences in the associations between financial capability and physical (perceived health and mobility limitations), mental (life satisfaction and depression), and financial (retirement worry and financial satisfaction) health. Results The results showed that financial access and behavior had a more significant influence on health outcomes than financial literacy. Gender differences in financial capability were identified through simple slope analyses. Financial literacy was more important for men's self-rated health and life satisfaction, whereas financial behavior was more critical for women. Additionally, although financial access was not related to retirement worry among men, it was significantly associated with lower retirement worry among women. Discussion and Implications The findings suggest that gender-specific pathways to financial capability may lead to health disparities. Policies and programs to improve population health and well-being, particularly for women, should target financial literacy, strengthen financial inclusion, and encourage responsible financial behavior. [ABSTRACT FROM AUTHOR]

This research study investigates the effect of marketing capability and financial capability on improving coffee commodity performance and its implications for value added in Kerinci Regency. A quantitative research approach was used, and data were collected from 110 coffee industries through a structured survey. Data were analyzed using Smart-PLS 4 software, using confirmatory factor analysis and path analysis. The results showed significant positive relationships between marketing capability and coffee commodity performance, financial capability and coffee commodity performance, marketing capability and value-added, and financial capability and value-added. The findings highlight the importance of marketing capabilities and financial capabilities in improving coffee commodity performance and generating added value. This study provides practical implications for coffee industry stakeholders and suggests strategies to strengthen marketing and financial capabilities to improve performance and value creation in the coffee industry. However, it is important to consider the limitations of this study, such as the specific geographical context and reliance on self-reported data. Future research could replicate this study across different regions and use a mixed-methods approach to gain a more comprehensive understanding

Financial well-being is a key component of quality of life and overall well-being and is likely to affect other aspects of quality of life, such as health and health care. The COVID-19 pandemic presents an immense crisis of financial well-being among low-income entrepreneurs and has left many small-scale entrepreneurs financially fragile. We argue that promoting the financial capability of low-income entrepreneurs is effective in protecting their financial well-being from a crisis. To examine the association between financial capability and the financial well-being of low-income entrepreneurs, we use the 2016 National Financial Well-Being Survey, which provides the latest and comprehensive measurement of financial capability, including financial knowledge, financial skills, and access to financial products and services. Our analyses show that, compared to their higher-income counterparts, low-income entrepreneurs have statistically lower levels of financial well-being, financial knowledge, financial skills, and access to mainstream financial products; they also have a statistically higher risk of using high-fee alternative financial products. In addition, low-income entrepreneurs have larger barriers to accessing mainstream financial products than low-income non-entrepreneurs. The results indicate that financial capability plays a significant role in promoting the financial well-being of low-income entrepreneurs. [ABSTRACT FROM AUTHOR]

Financial literacy is gaining significant importance in the recent past. This leads to to the adoption of financial technology services. Current research explores to study the various factors affect the adoption of financial literacy which leading to adoption of fintech services. The research framework include factors include in the study were financial behaviour, financial attitude, financial knowledge, financial capability, financial literacy. Data were obtained form graduate and post graduate students. A total of 229 responses were received based on survey data using five point Likert scale. Findings reported that financial behaviour, financial attitude, financial knowledge and financial capability have shown a significant positive effect on financial literacy. In turn, financial exhibited a positive effect on adoption of fintech services. The results have implications for both academia and research adding to existing literature financial literacy and fintech adoption.

Digital startups compete by increasing their ability to innovate in new product development. New product development becomes one of the main processes for startups to scale their product quality. As there are many frameworks of new product development to follow, the particular new product development in digital startups should be established to contribute to the theory. Therefore, the research question of this study is: What are the fundamental capabilities of new product development in digital startups. This research uses the exploratory study approached by qualitative research, interviewing at least CEOs of four digital startups in Indonesia and a technology-based new ventures expert. From the study, there are three influential capabilities in the new product development in digital startups, such as financial, market, and technology. The connection between capabilities contributes to the theoretical framework. The implication of this study is to help practitioners to conduct an ideal new product development process.

Financial education is an approach financial professionals use with their clients to build effective money management skills across the life cycle. Financial professionals conceptualize and identify their role in providing financial education in various ways. This study used a triangulation mixed methods design from a 2013 national survey to understand how financial professionals articulate their role and to determine the delivery methods used when working with clients. The survey was first included in the analysis piloted with nine financial professionals, followed by a revised survey sent to memberships of various professional organizations resulting in 251 responses. When financial professionals were asked about the financial delivery method used with their clients, their response indicated it depended on the context of the client and the content of their financial concerns. Therefore, findings suggest that the process or relationship between the practitioner and client must have elements of flexibility and adaptability woven into their delivery method based on what the client brings to the session and/or workshop.

The integration of financial capability with the capability approach remains an open and challenging issue. This paper offers a theoretical exploration of the financial capability framed within Sen’s capability approach in an interdisciplinary way. It focuses on the fundamental conceptual aspects of the capability approach, and on how we may use that framework for the development of financial capability theory. Moreover, the presented theoretical study addresses the issue of the critical role of constrained choice using Simon’s bounded rationality and ecological rationality approach. We used one type of research and it is conceptual analysis. It helped us to better understand and explain the concept of financial capability and address three important issues related to that concept. In this paper, we offer a more transparent and consistent approach that takes into account theoretical evidence on financial capability. We complemented the financial capability literature by highlighting the critical role of the classic works of A. Sen and more recently the influential work of I. Robeyns. Thus, our headline finding is that using A. Sen’s approach as a general framework for the financial capability may offer a more transparent and consistent approach to define financial capability.

The rapid development of financial technology (FinTech) has profoundly affected consumers' financial life, especially their financial satisfaction. The advancement of FinTech has given momentum to the development of mobile payments to some extent. The objective of this study is to investigate the effects of FinTech applied to payments on consumer financial satisfaction utilizing data from the U.S. 2015 and 2018 National Financial Capability Study (NFCS). The method of probit regression is utilized to perform more accurate estimates since the variable of consumer financial satisfaction is non-continuous and ordered. The empirical results of this study indicate that FinTech positively contributes to consumer financial satisfaction. In addition, this study selects financial education and financial capability as mediating variables to explore the possible influence channels between the development of mobile payments and the increase in consumer financial satisfaction. The mediating effects analysis demonstrates that FinTech positively affects financial education and financial capability, ultimately increasing consumer financial satisfaction. These findings have implications for consumer policymakers when promoting FinTech to consumers and helping them increase their financial satisfaction through mobile payments. [ABSTRACT FROM AUTHOR]

Financial capability refers to a person's capacity to manage their ongoing financial requirements in accordance with their evolving interests. In particular during the current economic depression, policymakers and researchers have challenging financial situations. This essay's goal is to discuss how to gauge financial aptitude with a particular emphasis on four broad areas: budgeting, staying informed, selecting products, and preparing ahead. [ABSTRACT FROM AUTHOR]

Digital innovations are transforming financial services and resulting changes in consumer behavior and personal money management. Diffusion of pervasive digital technologies offers individuals quick and easy access to various digital services bringing opportunities and challenges into their personal money management. The study aimed to explore how digitalization affects individuals' financial literacy and financial capability. As a result, we identified three main themes in the intersection of finance and digitalization: Fintech, Financial behavior in digital environments, and Behavioral interventions. We propose directions for measuring digital financial literacy, updates to the financial literacy curriculum, and developments of digital learning tools. Further, we highlight collaboration between the public and private sectors to create a fairer and more inclusive economic landscape. Our study contributes to existing research by proposing a framework for digital financial literacy and financial capability and a research agenda for future studies. [ABSTRACT FROM AUTHOR]

Grounded in the transactional stress‐coping theory and the Tallis and Eysenck (1994) model of nonpathological worry, the present study sought to advance the conceptual and empirical understanding of financial worry (FW). We positioned objective financial stressors (OFS), subjective financial stressors (SFS), and coping resources as key variables in understanding the determinants of financial worry (FW). The cross‐sectional data consisted of responses from a representative sample of 19,385 adults, aged 18 and older, drawn from a large U.S. survey. Hierarchical linear regression results revealed that OFS, SFS, household income, and financial capability (FC) are all key determinants of FW. Furthermore, the results revealed adverse effects of OFS and SFS on FW. These effects were moderated by household income, FC, age, and gender. Implications for future research, employers, practitioners, and policymakers are discussed. [ABSTRACT FROM AUTHOR]

Using qualitative data collected from 13 individuals in the federally funded employment training program for low‐income older adults in Los Angeles, California, the study examines financial capability among low‐income older Asian immigrants, with special attention to the roles of financial access. Based on the conceptual framework of financial capability, the in‐depth interview data show barriers to (external and internal) and facilitators (ethnic banking and social support) of financial access among this population. We expand the conceptual framework of financial capability by adding the concepts of financial locus of control and information‐related behaviors, and describe the dynamic process through which locus of control affects financial access, financial behaviors, and financial outcome. For Asian immigrants with internal locus of control, in‐depth interviews vividly illustrate how newly gained financial access transforms individuals' financial outlook. Research, practice, and policy implications are discussed. [ABSTRACT FROM AUTHOR]

Effective finance is a finance system that assures individuals and families of having beneficial access to financial services and skills. It is a precondition for financial well‐being. Drawing upon a low‐income sample (N = 1473) from the 2016 National Financial Well‐Being Survey, this study examines whether financial skills and financial access are associated with financial well‐being and material hardship. The results identify positive interactions between financial access and financial skills on financial well‐being. The findings point to effective finance policies that have the potential to reduce material hardship and support financial well‐being for low‐income families. [ABSTRACT FROM AUTHOR]

With the development of the economy, family wealth continues to accumulate, and more and more consumers participate in financial management affairs. As an important way to improve financial knowledge, informal financial education is vital to consumer financial capability. Utilizing data from the 2012, 2015, and 2018 US National Financial Capability Study and the approaches of ordinary least squares and ordered probit regression are employed to produce more accurate estimates. Meanwhile, the study also explores the mediating effects of financial knowledge between informal financial education and consumer financial capability. The results show that informal financial education has a positive effect on the improvement of consumer financial capability. Besides, financial knowledge partially mediates the nexus between informal financial education and consumer financial capability. Therefore, policymakers are encouraged to formulate measures to promote financial education programs not only in schools and universities but also in workplaces or communities. Companies also should offer more opportunities for their employees to receive financial education and further enhance their financial capability. Consumers should be aware of the importance of financial education and actively learn financial knowledge to improve financial capability and further enhance financial satisfaction. [ABSTRACT FROM AUTHOR]

This paper investigates direct and indirect impacts of an individual’s digital engagement on their financial satisfaction considering a significant role of an individual’s financial capability and financial advice. The study is administered on the individual level, surveyed the working youth in northern India. PLS-SEM were employed using SMART-PLS version 3 for a confirmatory analysis and structural model assessment. Digital engagement has been established as a vital factor substantially influencing the individual’s financial advice, financial capability and financial satisfaction both directly and indirectly. The outcome of the study strongly favours the role and importance of digital engagement in the individual’s financial satisfaction. What is more, this paper contributes to the current knowledge by clarifying digital engagement as a possible predictor of financial capability, financial advice and financial satisfaction in the context of a low-income, developing country and applies it as a variable with the selected financial constructs. The originality and novelty of the study may be found useful to design effective policies.

The analysis of methods for assessing the financial opportunities for increasing the economic efficiency of industrial enterprises using absolute and relative indicators and coefficients was carried out. A mechanism for determining financial possibilities for realizing innovative potential of northern mining enterprises of non-ferrous metallurgy, based on the method of assessing the three-component coefficient, which allows choosing the most rational strategy of scientific and technological development, taking into account financial resources and features of production functioning in the northern regions of the Russian Federation, was developed. It is shown that the proposed methodology can be used with limited information in the accounting statements provided in public access. On the basis of objective indicators, the research of innovation activity of twenty industrial enterprises of non-ferrous metallurgy directly operating in the North and the Arctic and included as subsidiaries and branches of seven largest corporations — PJSC MMC “Norilsk Nickel”, JSC “Mine Karalveem”, PJSC “Acron”, JSC “Mining company “Berelekh”, PJSC “Seligdar”, OJSC “Susumanzoloto”, JSC “Polymetal” for the period 2013–2019 was carried out. Studies showed the dependence of the innovation activity of northern enterprises of non-ferrous metallurgy on the level of financial security revealed by the method of assessing the three-component coefficient. Scientifically substantiated possibility of developing and implementing a strategy of innovation development of enterprises for the medium and long term periods based on the level of financial security is shown. Enterprises with high financial security or in special cases (with additional investments with normal financial security) are able to generate innovation technologies. As the analysis has shown, the majority of northern enterprises have low financial security, which does not allow them to count on effective innovative development without attracting a significant amount of targeted investments.

The aim of the study on the financial behavior of youth employees is to review the impact of financial capability, income on financial behavior in evaluating the financial position. The main target of this study is mediating the evaluation of financial behavior in the effort of increasing the financial position of youth employees. A research method conducts with a survey of 100 youth employees in Indonesia, particularly in Central Jakarta, that has more youth employees. Data from youth employees obtain through questionnaires and data is processed by SmartPLS; remember that analysis technique is using the path analysis model. Research results found that financial capability and income have a truly significant impact on financial behavior; likewise, it is directly to financial position. However, it known that financial behavior cannot directly influence to financial position. Research novelty explains that financial behavior cannot be mediation between financial capability and income to financial position. This finding is useful for youth employees in understanding the financial position and for the government in comprehending the financial behavior of youth employees. So, it expects to be able to give the policy of financial management for youth employees.

The University of Minnesota Extension, in partnership with the Consulate of Mexico in Saint Paul, Minnesota, expanded the Ventanilla de Asesoría Financiera -Financial Education and Family Asset Protection Program to serve families in rural areas. The financial education services were expanded to 25 rural counties in Minnesota during 2017 and 2018. Participants were primarily low-income Latino families of Mexican ancestry. The program consisted of financial literacy education workshops and one-to-one meetings to build and protect participant assets. Participants reported an increase in their confidence in five financial core topics. Conditions for the success of this program were (a) the existing trusted and respectful relationships between the educators and participants and supportive community partners; (b) a family-based educational approach; (c) a team of bilingual, bicultural educators; and (d) culturally adapted and relevant Spanish language educational resources.

Consumer financial capability can be defined variously by different researchers. In this study, financial capability is assumed to have three components, financial knowledge, financial behavior, and financial skills. This study examines relative contributions of financial capability components to financial wellbeing among vulnerable consumers. With data from the National Financial Wellbeing Survey commissioned by the Consumer Financial Protection Bureau (CFPB), results show that among financial capability components, financial behavior contributes the most to financial wellbeing of the whole sample, followed by financial skill and financial knowledge. In addition, group differences surface when subsamples in terms of age, poverty status, confidence, and fraud victim status are examined. Results suggest that for low‐income consumers, encouraging them to engage in desirable financial behaviors is more important than teaching them financial knowledge and skills. Findings have implications for financial educators, practitioners, and policymakers to help them recognize the proper financial education or program to be delivered based on consumer vulnerability and components of financial capability. [ABSTRACT FROM AUTHOR]

Financial literacy is often measured with only three to five questions, suggesting challenges with achieving respectable levels of internal consistency reliability. Based on our review, we found financial literacy tests composed of three and five test questions yielded mean reliability estimates of 0.40 (k = 7; N = 167,075) and 0.54 (k = 8; N = 57,937), respectively: values less than minimally acceptable for even exploratory research. Based on our more comprehensive review of 52 samples and a variety of financial literacy tests (3–45 questions), researchers are recommended to measure financial literacy with a minimum of 13–15 questions. Finally, we conclude that the potential impact of financial literacy on various outcome variables has been underestimated substantially in many previous investigations, as the relatively low levels of internal consistency reliability in the financial literacy test scores attenuated the obtained effects estimated from the observed scores. [ABSTRACT FROM AUTHOR]

Mental and emotional issues are the top-level concerns of public health worldwide. These issues surged during Coronavirus (COVID-19) pandemic due to varied medical, social, and personal reasons. The social determinants highlighted in the literature mainly focus on household solutions rather than on increasing the financial wellbeing of individuals, especially for the most vulnerable groups where the psychological distress coming from the social inequalities cannot be entirely treated. Hence, this study attempts to familiarize the financial capability (the financial literacy, attitude, skills and behavior required for effective financial management) construct into public health domain in the times of COVID-19 as a determinant of psychological distress, and also explores the role of gender in it. The study uses Ordinary Least Square (OLS) regression analysis and employs mental distress questions and Organization for Economic Cooperation and Development (OECD) 2018 financial capability toolkit to collect data from a large sample of households from all over Pakistan. It is inferred that the higher the financial capability, the lower the financial and mental distress during COVID-19. Additionally, females are less financially knowledgeable, depict poor financial behaviors, and face more psychological issues than their counterparts. Age and education are also linked to mental stress during COVID-19. Finally, gender plays a moderating role in financial behavior, and financial and mental stress of households. As evident, COVID-19 is not going away soon hence the findings are relevant for policymakers to proactively plan for the pandemic's upcoming waves and help people be better financially equipped to fight against this or any upcoming crisis, and achieve better mental and physical health.

This study investigates the direct and indirect effects of financial capability, financial advice, financial anxiety, and the use of an electronic payment system (EPS) on financial satisfaction. In the current era of digitalization and financial innovations, it seems quite unlikely that an individual remains unaffected by its use. The research was conducted in northern India on individual level using a partial least square structural equation modeling statistical technique to analyze responses collected from a close-ended questionnaire using a 5-point Likert scale. The results show that financial capability, financial advice, financial anxiety, and EPS usage have a direct positive effect on an individual’s financial satisfaction. EPS usage plays a significant mediating role, as all the financial constructs depict a positive effect on financial satisfaction via EPS use. These findings contribute to the literature by offering an understanding of the determinants of financial satisfaction in the context of a low-income developing country, as well as the vital role of using EPS in an individual’s financial satisfaction in today’s digitally driven era. The results of this study could be a useful factor for policymakers and digital service providers for implementation and control. Acknowledgement “This paper was supported by Internal Grant Agency of FaME TBU No. IGA/FaME/2019/002”

The article argues that the issue of effectiveness of forming united territorial communities (UTCs) lies in the plane of ensuring their ability to develop and requires identifying possible risks that arise in the process of community consolidation. In order to achieve this goal, a critical analysis of the formation of united territorial communities in the Carpathian region compared to UTOs in Ukraine in general is carried out in the context of completion of the first stage of administrative and financial decentralization. A comparison of the level of financial capability of UTCs of the region using individual indicators of local budget fulfillment is made, and the composition and structure of expenditures from local budgets per capita are analyzed, which made it possible to establish patterns in the development of the communities and determine the level of their budgetary provision. The study of the inclusion of cities in the formation of the UTCs allowed revealing two opposite trends: association of rural territorial communities in peripheral areas around cities of regional significance; refusal of suburban rural territorial communities to unite with / join cities of regional significance and formation of the UTCs excluding cities. As a result of the study, risks related to the formation of financially capable territorial communities are determined, and the main directions for their mitigation are identified. The main risks related to the formation of financially capable territorial communities under decentralization include: increased influence of local elites; inability of a significant part of the already created communities to ensure development of the territory and an appropriate level of service provision due to the lack of criteria for the formation of UTCs; refusal of suburban rural territorial communities to unite with / join cities of regional significance and formation of UTCs excluding cities due to the threat of loss of financial and managerial independence. It is proved that mitigation of the risks related to the formation of financially capable UTCs is possible in case of completion of the stage of voluntary association of territorial communities and transition to their conglomeration based on economic expediency, correspondence to public needs and financial soundness according to clearly defined criteria.

Growing inequality and wealth depletion characterize the past three decades of life in the United States. In response, social work scholars developed financial capability and asset building interventions that account for structural market inequality. Yet, important constructs of hope (a sense of agency in the face of uncertainty) and mattering (awareness, importance, and reliance) may be missing from financial interventions. We employ a human capability approach for testing these assertions among 140 low-income adults participating in an economic mobility intervention. Bivariate simple regressions and multivariate sequential regressions assess the relationships between economic agency, mattering, religiosity and spirituality, and hope. Findings indicate that only reliance (the degree to which others voluntarily trust us) is associated with economic agency, suggesting that in a market where pathways out of poverty continue shrinking, meaningful human connection and relational vulnerability can return a measure of agency, humanity, and self-determination despite extreme market duress.

The essay makes a judgment on the digital financial capabilities of cashew workers who are paid on a per-product basis. Digital financial services gained from financial inclusion. The capacity to conduct digital financial transactions is important for the growth of emerging economies. The digital economy is rapidly becoming the world's most significant driver of innovation, competitiveness, and growth. Despite the fact that many people have been excluded, the digital economy offers immense long-term potential to promote financial inclusion and economic progress. The CGAP defines digital financial inclusion as "the excluded and underserved population's digital access to and usage of formal financial services." In this paper, I'm attempting to examine the impact of financial inclusion on the financial competence of cashew workers in Kerala. The post provides important guidance for financial digital platform providers. [ABSTRACT FROM AUTHOR]

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This paper examines the role of numeracy in smoothing financial difficulties during the COVID-19 pandemic. The results show that numeracy was associated with a 30% reduction in late or non-payment of bills and a 20% reduction in the odds of feeling financially squeezed. The effect of numeracy on financial wellbeing was remarkably consistent across levels of education, ethnicity, and gender, suggesting that improving numeracy levels in the population may be an effective strategy to increase financial capability across the board. However, while numerate individuals were less likely to experience financial difficulty, high numeracy did not predict narrower gaps between Whites and ethnic minorities during the COVID-19 pandemic. Governments must take seriously the need to address the constraints and institutional barriers that keep individuals from achieving financial wellbeing. [ABSTRACT FROM AUTHOR]